The Ibex falls 1.3% after the resignation of Conte and loses the 8,700 points

In the Ibex we can also highlight the falls of Ence (-5%), Sabadell (-3.3%) and Mediaset (-3%) while on the positive side only MasMovil (+ 1.5%) and Acciona (+ 1%). And we must also mention the 7% drop in Metrovacesa's securities in the Continuous Market, after receiving a negative recommendation from Goldman Sachs analysts.

Doubts are arising as Conte's resignation in Italy could hit all of Europe. The fears of a possible recession have cooled slightly, after several leaders have tried to calm the market despite having the Bundesbank warn that the German economy was about to enter recession on Monday. And that without forgetting Brexit.

This week, in fact, British Prime Minister Boris Johnson will visit French President Emmanuel Macron and German Chancellor Angela Merkel in search of a solution to the impasse in which the United Kingdom is in as it tries to adress Brexit negotiations with the EU. Meanwhile, he has sent a letter to Brussels to press for the renegotiation of the agreement, an issue that he will undoubtedly raise with his French and German counterparts.

The feeling that dominates the Old Continens parks is produced despite what happened on Tuesday in the Asian stock exchanges, which have closed with rises. The People's Bank of China has announced the new preferential interest rates for loans (it has lowered them from 4.31% to 4.25%) with the intention of reducing the cost of business loans and stimulating the economy which is in full trade war with the USA.

Precisely this Monday, the US president, Donald Trump, decided to give the markets a break by extending the pardon that allows the Chinese giant Huawei to buy technology and components to US companies, before the entry into force of the announced veto. Investors are going to follow closely the commercial talks between Beijing and Washington after this new gesture, which will be resumed next September. In fact, Trump has influenced the "good progress" of negotiations with the Asian giant.

In addition, the attention of investors remains fixed in central banks. Trump no longer keeps quiet, and has told Jerome Powell, president of the Federal Reserve (Fed) directly how much he has to lower the rates: 100 basis points. Remember that on Wednesday the minutes of the last meeting of the Fed are known, which are expected to confirm that there are very different opinions on the monetary policy that the institution should adopt. On Thursday it will be the turn of the European Central Bank (ECB), which also publishes the minutes of its last meeting, not forgetting that on the same day begins the symposium organized annually by the Federal Reserve of Kansas in Jackson Hole (Wyoming).

"Powell faces a difficult period with Trump and the markets 'demanding' further rate cuts while the US economy remains solid," say Link Securities experts, who stress that the Fed president "may be held hostage by his statements ", since he has said that the decrease of 25 basis points of the reference interest rates carried out recently was only a small mid-cycle adjustment and did not imply a change in trend in the Fed's monetary policy, implying that, for the moment, there would be no further downgrades.

"The problem is that, since then, only three weeks ago, things have changed a lot," with Germany about to go into recession and with investors refusing bonds, which has caused the timely reversal of the rate curve In U.S.A. Therefore, "Powell must be careful with his choice of words on Friday if he does not want to disappoint and provoke a new storm in world financial markets," these experts conclude about the intervention of the central banker in Jackson Hole.

This Tuesday, without macro references to highlight, in the United States the season of results continues and the turn of Home Depot has exceeded expectations and rises by 4%, being of the few rising values in the Dow Jones. While the three indexes of the New York Stock Exchange move with falls.